You quote the best premium you can obtain for insurance to a prospective client, who tells you he/she has a lower quotation for similar coverage from another broker. You ask the insurer to meet the competition but without success. What legal avenue is open to you to gain the business? OA) Tell the prospect you are unable to meet the premium quoted by e other broker but try to persuade him of the value of dealing with you and your insurer instead. OB) If you get the order, invoice the full policy premium less a discount to result in the net figure quoted by your competitor. OC) Tell the prospect that after he/she pays the policy premium, you will issue a refund cheque from your General Account which will result in a net cost matching the other broker's quotation. OD) Reduce your quotation to match the other broker's. Invoice only the premium you have quoted and not the premium showing on the policy.
You quote the best premium you can obtain for insurance to a prospective client, who tells you he/she has a lower quotation for similar coverage from another broker. You ask the insurer to meet the competition but without success. What legal avenue is open to you to gain the business? OA) Tell the prospect you are unable to meet the premium quoted by e other broker but try to persuade him of the value of dealing with you and your insurer instead. OB) If you get the order, invoice the full policy premium less a discount to result in the net figure quoted by your competitor. OC) Tell the prospect that after he/she pays the policy premium, you will issue a refund cheque from your General Account which will result in a net cost matching the other broker's quotation. OD) Reduce your quotation to match the other broker's. Invoice only the premium you have quoted and not the premium showing on the policy.
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Transcribed Image Text:You quote the best premium you can obtain for insurance to a prospective client, who tells you he/she has a lower
quotation for similar coverage from another broker. You ask the insurer to meet the competition but without success.
What legal avenue is open to you to gain the business?
OA) Tell the prospect you are unable to meet the premium quoted by e other broker but try to persuade him
of the value of dealing with you and your insurer instead.
OB) If you get the order, invoice the full policy premium less a discount to result in the net figure quoted by your
competitor.
OC) Tell the prospect that after he/she pays the policy premium, you will issue a refund cheque from your
General Account which will result in a net cost matching the other broker's quotation.
OD) Reduce your quotation to match the other broker's. Invoice only the premium you have quoted and not the
premium showing on the policy.
Transcribed Image Text:A "peril" is an event that may cause a loss under a policy. An "exposure" is a hazard threatening a risk due to internal
or external physical conditions. Which one (1) of the following would be considered an exposure under a Condominium
Unit Owners Comprehensive policy?
OA) Fire.
OB) Windstorm.
OC) Storage of explosives.
OD) Burglary.
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